The global neuroplasticity market is estimated to be valued at US$6.61 billion in 2023 and is expected to exhibit a CAGR of 12% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Neuroplasticity refers to the brain’s ability to form and reorganize synaptic connections, especially in response to learning or experiences or following injury. Products associated with neuroplasticity aims to enhance brain health by stimulating neural pathways and neurogenesis. These products include brain-training computer software and applications, brain games, puzzles, physical and cognitive exercises along with nutraceuticals like Omega-3 Fatty Acids, Vinpocetine, Huperzine A, Ginkgo Biloba and L-theanine amongst others. Growing geriatric population suffering from cognitive decline along with rising prevalence of neurological disorders such as Alzheimer’s and Parkinson’s disease has increased the need for neuroplasticity promoting products. Advancements in neuroscience research revealing the dynamic nature of the brain have also heightened consumer interest in adopting neuroplasticity-based methods as preventive healthcare options.
Market key trends:
One of the major trends in the global neuroplasticity market is growing consumer awareness about the factors influencing brain health and neuroplasticity. Continuous education and publicity initiatives by non-profit and government organizations regarding lifestyle modifications, activities and dietary interventions for optimal cognitive function is driving consumers to incorporate neuroplasticity promoting strategies. Additionally, significant investments by players for R&D of novel and safe neuroplasticity enhancing therapies and products including neurostimulation devices, brain organoid technology and precision nutrition approaches is also fueling the market growth. However, lack of clinical evidence and standard protocols for most neuroplasticity interventions continues to remain a challenge.
Threat of new entrants: Low capital requirements and technological advancements have reduced barriers to entry in the neuroplasticity market. However, established players have significant resources and customer loyalty that provide barriers.
Bargaining power of buyers: Individual buyers have low bargaining power due to specialized neuroplasticity solutions and services. However, large healthcare institutions can negotiate on price and quality of service.
Bargaining power of suppliers: A few major suppliers exist for neuroplasticity solutions and services. However, switching costs are relatively low, keeping supplier power in check.
Threat of new substitutes: While digital technologies provide some substitutes, neuroplasticity solutions address complex human needs, limiting substitutability.
Competitive rivalry: The neuroplasticity market sees moderate to high competition due to differentiated offerings and regional presence of major players. Market consolidation can intensify rivalry.
The Global Neuroplasticity Market Size is expected to witness high growth. Advancements in neuroscience, growing aging population, and increasing incidence of neurological disorders are driving market expansion. The North America region currently dominates the market due to advanced healthcare infrastructure and high consumer awareness.
Regional analysis: The Asia Pacific region is expected to see the fastest growth during the forecast period supported by rising healthcare spending, growing medical tourism, and increasing incidence of neurological conditions. China, India, and other South Asian countries provide lucrative opportunities for market players.
Key players: Key players operating in the neuroplasticity market are Cushman & Wakefield, Tenon Group, Apollo Sindoori, Compass Group PLC, Sodexo, Serco Group PLC, OCS Group, Jones Lang LaSalle, ISS World Services AS, Ecolab Inc., ABM Industries Inc., Aramark Corporation, Vanguard Resources Inc., and Medxcel Facilities Management, among others. These firms provide differentiated service offerings and are focusing on regional expansion to strengthen their positions.